Financing in 30076>Question Details

Snoopy01, Home Buyer in 30076

Life after Ch 7

Asked by Snoopy01, 30076 Mon Oct 4, 2010

I have Ch 7 discharged over 2 years ago. My FICO is now 678 and income is $65k. Wife has FICO of 710 but not working. We have downpayment of $50k and would like to borrow $200k. Is this possible or am I wasting my time? Thanks.

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Unless there is some other overriding issue like newly acquired excess debt I would think that should be no problem, but let me give you info on someone who can tell you decisively. Contact Jason Young at American Bank Mortgage Group at 678-608-2944 for a no obligation phone consult.

If you can get a mortgage I would be happy to provide you with the unmatched Wise Buyer Program to help you safely avoid all possible pitfalls and maximize your entire home purchase transaction.

Don't hesitate to contact me if you have any questions or need immediate assistance.

Regards,

Robert Whitfield
Broker/Owner - Realtor
Professional Buyers Broker
Relocation Expert
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
877-787-7167
“Know if the property is a Real Find or a Real Financial Risk - Before you submit your offer!
0 votes Thank Flag Link Mon Oct 4, 2010
Yes, it's definitely possible!
Most lenders require 2 years from the discharge date. Your credit scores are excellent, minimum needed is 620. You have all the options at your disposal: FHA, VA, USDA, conventional loans. You can borrow no money down if the property is located in an eligible area.

I would love to work with you and get your pre-approved, but we only lend in Florida. So call a local mortgage broker, who will make sure all the numbers work in your favor.

Good Luck!

Andrew Ollick
800-801-6080
contact@fhlmail.com
http://www.faithhomeloans.com
0 votes Thank Flag Link Tue Oct 5, 2010
Snoopy01,

My best suggestion to you is to search for a reputable lender that can go over your circumstances and provide you with any suggestions of ways improve your credit. This should place you into to a position to have the buying power for which you strive. Based on the credit score, you are in a qualifying range but there may be some things you can do to improve it. I understand that the BK will not go away right now, but some lenders will take time to help you so you are on the right road for the future. A lender may, in speaking with you, find that his/her company has exceptions that may apply to you regarding the BK.

Please do not hesitate to contact me at (770)780-4790 and I will be happy put you in contact with a lender that I have used and found very helpful.

Kindest Regards,

Kristen C.Bentley, Realtor
Prudential Georgia Realty
4648 Woodstock Rd
Roswell, GA 30075
(678)585-0070 Office
(770)780-4790 Cell
0 votes Thank Flag Link Tue Oct 5, 2010
Chapter 7 requires a 2 year wait unless circumstances were beyond your control: Death in the family, Company forced you to relocate, military transfer, serious life threatening medical condition. Aside from the wait time frame (2 years from discharge date), you need to make sure that you have at least 3 credit lines that are at least 1 year old each for FHA, 2 years each for Fannie Mae and Freddie Mac.

Although there are lenders that will work with people with no credit, you can't do it coming out of bankruptcy. In order to do a no credit purchase, the file has to be clean. You may also want to check your credit report prior to calling lenders so that you can make sure that the BK attorney's did their job in making sure all the creditors reported correctly to the bureaus. Too many times creditors will continue to show up as a current collection which can severely damage your ability to buy.

When a person files for bankruptcy (7, 11 or 13) he/she cannot have any late payments afterwards. Also, make sure that after 7 years, the BK is removed from the bureau by disputing it. They have a tendency to linger for 10 years and they are not supposed to. Check out the site below for a free copy of your report if you haven't already done so.

Lastly, the amount of money you put down no longer applies to getting a loan. A lender will have its parameters on the required down payment. With a 678 score (lenders base their decision on the lower of two applicants), you are better off going FHA unless the property exceeds the $346,250 FHA loan limit for Fulton County. Your rate will go up if you put too much down and FHA would rather see you save money and have money after the closing (though reserves are not required) than to put more money down. The minimum down payment is 3.5%. I'd recommend FHA to start as they are more lenient on people who had to file BK.
0 votes Thank Flag Link Mon Oct 4, 2010
Call Jeff Scott - 770 - 226 - 5808 He'll not only be able to properly answer your question but should be able to get you qualified in about an hour or less!! He's one of the best Loan Officers I've worked with..
Web Reference: http://www.morgansteam.com/
0 votes Thank Flag Link Mon Oct 4, 2010
Lee I must be missing something - after waiting over 2 years I don't detect any anxious energy in the question? I think the reason to seek a purchase now rather than later however is the outstanding deals (if you avoid the dogs) and especially the record low interest rates which could spike up, not to mention tons of downpayment assistance and downpayment matching programs.
0 votes Thank Flag Link Mon Oct 4, 2010
Thank you for all the extremely prompt answers. To further clarify, I have no debt. My wife is not unemployed but retired. She was not included in the bankruptcy. One answer suggested waiting but did not give a reason or a time frame. We want to purchase in Roswell, Alpharetta etc. Any further advice is welcomed before we start making some calls.
0 votes Thank Flag Link Mon Oct 4, 2010
I suggest that you wait, but a competent lender will be able to advise you with clarity - what are your reasons for anxiously seeking a purchase right now?
Web Reference: http://intowninsider.com/
0 votes Thank Flag Link Mon Oct 4, 2010
You can qualify for FHA financing since the Ch. 7 was discharged for at least two years. I would highly recommend having a local mortgage broker/banker review your income documentation to determine if you can qualify with only your income since your spouse is unemployed.
0 votes Thank Flag Link Mon Oct 4, 2010
Call Marcia Feisler with MetLife Home Loans...404-579-7504. She's amazing!
Web Reference: http://www.TeamBrittain.com
0 votes Thank Flag Link Mon Oct 4, 2010
You are not wasting your time, not at all! I've worked with buyers in nearly the same situation who had lower scores and less income who were still able to move on in life with a new home. Contact not just 1, but a few lenders to see who can help you in the best way given your situation. There are other factors including your work history, DTI (debt to income), etc., but the only way to find out if something needs ot change or improve is by talking with lenders. If a lender sees the Ch 7 and frowns, just go to another one and see what they can do for you. My guess is if you don't qualify you probably aren't far from it. Good luck to you!
0 votes Thank Flag Link Mon Oct 4, 2010
Was your wife involved in the Chapter7, Snoopy?

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
0 votes Thank Flag Link Mon Oct 4, 2010
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